RIA Aggregator Modern Wealth Makes First Acquisition

Financial Planners

The firm, run by former Goldman and United Capital executives, bought Barber Financial Group for $1.5 billion.

Former Goldman Sachs and United Capital executives recently announced their first deal in collaboration to launch RIA aggregator Modern Wealth Management, acquiring assets from Barber Financial Group, Oshiwara Financial Group and Financial Security on Tuesday announced that it did. Michigan.

The addition of Barber after Modern Wealth received $200 million in private equity financing from Crestview Partners will add Modern Wealth offices in Metro Kansas City and Detroit, Michigan.

Barber was founded in 1996 by CEO Dean Barber and has since grown to 50 employees, including certified financial planners, certified public accountants, real estate and insurance professionals, all participating in Modern Wealth. increase.

Barber Financial serves more than 2,300 customers and manages more than $1.5 billion in collective assets, according to Modern Wealth.

With the acquisition, Modern Wealth said it would establish its first “hub” location in Kansas City. The company has already purchased additional office space and plans to double its headcount.

As part of the acquisition, Barber’s existing radio shows and podcasts will provide Modern Wealth with the opportunity to promote its wealth management expertise to existing and prospective Barber customers. Modern Wealth plans to create “informative and engaging content that will attract potential clients seeking financial guidance.”

Barber, Osiwala Financial Group and Financial Security will be “fully integrated into the Modern Wealth brand,” according to the aggregator.

Modern Wealth President and Co-Founders Jason Gordo and Mike Capelle said: and Gary Ross.

Modern Wealth is also in “ongoing discussions with RIAs interested in joining us as an anchor office to build our national footprint.”

Alaris Acquisitions advised Modern Wealth and Barber on this transaction. Terms of the deal were not disclosed.

(Photo: Mike Kapel (left) and Gary Roth of Modern Wealth)

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